Showing posts with label GMA7-TV5 Merger. Show all posts
Showing posts with label GMA7-TV5 Merger. Show all posts
Thursday, October 4, 2012
No More GMA7-TV5 Merger After MVP Fails To Acquire GMA Network
MANILA, Philippines (UPDATE) - Businessman Manuel V. Pangilinan won't be buying another TV network after all.
In a disclosure to the stock exchange, publicly listed GMA Network Inc. said discussions with MediaQuest Holdings Inc. for its possible acquisition of a controlling stake in the network have been terminated.
Mediaquest is an investee company of the Philippine Long Distance Telephone Co. (PLDT) Retirement Fund.
Saturday, July 14, 2012
GMA7-TV5 Merger: PLDT in Talks With Banks to Fund the Acquisition
PHILIPPINE LONG Distance Telephone Co. (PLDT) has begun approaching creditors to prepare for plans to acquire GMA Network, Inc. after already raising funds from an asset sale, a ranking official yesterday said.
“We are talking to our bankers,” PLDT Chairman Manuel V. Pangilinan told reporters in a chance interview.
“We are preparing [funding] in the event that the deal materializes,” Mr. Pangilinan added, referring to ongoing talks to buy into broadcaster GMA Network.
The bulk of the funding, however, will come from PLDT’s cash flow, Mr. Pangilinan said.
Already, PLDT has raised some P4 billion after divesting its 27% stake or 397 million shares in PhilWeb Corp. at P10.70 apiece.
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